OM Group quarterly profit falls on lower cobalt prices

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LONDON (MarketWatch) -- OM Group, Inc.
OMG, +1.28%
said first-quarter net income fell to $18.7 million, or 65 cents a share, from $48.3 million, or $1.69 a share, in the year-earlier quarter as revenue declined to $352.1 million vs. $366.6 million. The results missed the forecast for earnings of 69 cents a share of analysts polled by Thomson First Call. The company blamed the fall in profit on a sharp decline in cobalt prices. Looking ahead, the group said it believes the second half of the year will be stronger than the first half, although many of the same challenges will remain. OM Group expects 2005 earnings in the range of $2.95 to $3.35 a share.

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